Court records released this week detail how deposits were made to one business account and immediately withdrawn through money orders or certified checks and returned to the initial account.

Devin Kolb, 31, was arrested Nov. 14 and charged with three counts of money laundering related to her business dealings with Anthony Fregenti, 41. Fregenti was arrested in 2010 on charges of scheme to defraud through his businesses — most named and renamed with "Dark Hawk" as part of the moniker.

In all, Kolb and Fregenti sent, received and transferred money through "a series of financial transactions" that totaled $3,216,639, according to court documents.

Fregenti could not be reached for comment Wednesday and Kolb had "no comment."

Besides the Dark Hawk companies, Fregenti in April 2009 registered a company called KCF International LLC, which he told investigators stands for "Keep Money Flowing," according to court records. A second business, International Timeshare Liquidators, was registered in June 2009 "doing business as" KCF. Two other "ITL" companies, ITL Marketing and ITL Vacations, were also created, including one by Kolb.

Within a month, Kolb was added as a managing member of KCF and the initial manager and registered agent of ITL Marketing, records show.

Kolb also gave a sworn statement to investigators with the State Attorney's Office in December 2010, shortly after Fregenti was arrested, that she and her husband met him through a mutual friend and he presented them with "a business opportunity." They could manage a time-share liquidation company and become 20 percent owners with their "sweat equity" while Fregenti invested the money for start-up costs.

"KCF International, LLC (doing business as) International Timeshare Liquidators was the company they opened with Fregenti," reported State Attorney's Office investigator Michael Taylor. "Kolb opened ITL Marketing, LLC in hopes of tax write-offs and to see if she could obtain an additional merchant account."

Taylor called the venture a "fiasco" as Fregenti "knew nothing of the time-share business."

"There was never any business done through ITL Marketing, LLC, but it (transferring funds) was part of what Fregenti asked her (Kolb) to do," Taylor said.

Taylor reported that Fregenti gave Kolb a $270,000 check from a Dark Hawk account and asked her to deposit it into the ITL Marketing account and then return the same amount in a money order.

Kolb "never kept more than $100" in the ITL Marketing account and "never even received permanent checks" for the account, Taylor reported.

Another time, "Fregenti gave her a check to deposit (into) the ITL Marketing, LLC checking account with instructions that once it cleared she was to obtain a certified check or money order written back to the account from where it came, which she did," Taylor reported.

Similar transactions occurred in amounts of $400,000 to nearly $600,000, according to the report. Sometimes checks were written "knowing the money was not in the account" to cover the checks, Taylor reported.

"Kolb did not know why she did it," Taylor reported, "but did not ask any questions."

He also said in the report that Kolb "knew Fregenti flaunted the ITL bank statements to show how much money (it) was making him."

Kolb was booked into the Flagler County Inmate Facility and later released on $300,000 bail.

Fregenti is also out on bail and has a pre-trial hearing set for Dec. 5.

<p>BUNNELL &mdash; A Palm Coast woman accused of money laundering helped funnel $3.2 million through bogus businesses run by a man already awaiting trial on fraud charges related to a high-end car and motorcycle Ponzi scheme, authorities said.</p><p>Court records released this week detail how deposits were made to one business account and immediately withdrawn through money orders or certified checks and returned to the initial account.</p><p>Devin Kolb, 31, was arrested Nov. 14 and charged with three counts of money laundering related to her business dealings with Anthony Fregenti, 41. Fregenti was arrested in 2010 on charges of scheme to defraud through his businesses &mdash; most named and renamed with "Dark Hawk" as part of the moniker. </p><p>In all, Kolb and Fregenti sent, received and transferred money through "a series of financial transactions" that totaled $3,216,639, according to court documents.</p><p>Fregenti could not be reached for comment Wednesday and Kolb had "no comment."</p><p>Besides the Dark Hawk companies, Fregenti in April 2009 registered a company called KCF International LLC, which he told investigators stands for "Keep Money Flowing," according to court records. A second business, International Timeshare Liquidators, was registered in June 2009 "doing business as" KCF. Two other "ITL" companies, ITL Marketing and ITL Vacations, were also created, including one by Kolb. </p><p>Within a month, Kolb was added as a managing member of KCF and the initial manager and registered agent of ITL Marketing, records show. </p><p>Kolb also gave a sworn statement to investigators with the State Attorney's Office in December 2010, shortly after Fregenti was arrested, that she and her husband met him through a mutual friend and he presented them with "a business opportunity." They could manage a time-share liquidation company and become 20 percent owners with their "sweat equity" while Fregenti invested the money for start-up costs.</p><p>"KCF International, LLC (doing business as) International Timeshare Liquidators was the company they opened with Fregenti," reported State Attorney's Office investigator Michael Taylor. "Kolb opened ITL Marketing, LLC in hopes of tax write-offs and to see if she could obtain an additional merchant account." </p><p>Taylor called the venture a "fiasco" as Fregenti "knew nothing of the time-share business." </p><p>"There was never any business done through ITL Marketing, LLC, but it (transferring funds) was part of what Fregenti asked her (Kolb) to do," Taylor said.</p><p>Taylor reported that Fregenti gave Kolb a $270,000 check from a Dark Hawk account and asked her to deposit it into the ITL Marketing account and then return the same amount in a money order.</p><p>Kolb "never kept more than $100" in the ITL Marketing account and "never even received permanent checks" for the account, Taylor reported. </p><p>Another time, "Fregenti gave her a check to deposit (into) the ITL Marketing, LLC checking account with instructions that once it cleared she was to obtain a certified check or money order written back to the account from where it came, which she did," Taylor reported.</p><p>Similar transactions occurred in amounts of $400,000 to nearly $600,000, according to the report. Sometimes checks were written "knowing the money was not in the account" to cover the checks, Taylor reported.</p><p>"Kolb did not know why she did it," Taylor reported, "but did not ask any questions."</p><p>He also said in the report that Kolb "knew Fregenti flaunted the ITL bank statements to show how much money (it) was making him." </p><p>Kolb was booked into the Flagler County Inmate Facility and later released on $300,000 bail. </p><p>Fregenti is also out on bail and has a pre-trial hearing set for Dec. 5.</p>